Thank you very much, and good morning to you all. I'm very pleased to welcome you to BW Ideol first semester and Q2 2023 call. I'm joined by Nicolas de Kerangal, our CFO, that will present together with me. As usual, this presentation will be followed by a Q&A session. During the first semester of 2023, the company has continued to deliver on its objective of value creation for its shareholders. We have matured further projects under development or under construction, reinforcing our leadership positioning. On the 960 MW Buchan Offshore Wind project in Scotland, a first year of birds and mammals survey has been completed, as well as the environmental and geophysical campaigns, without any specific conflicts with the other sea users. Two very important steps towards the project consenting. On the 30-megawatt EolMed project in France, that will pioneer the largest floating wind turbine on the market, the final assembly works in Port-la-Nouvelle of the various prefabricated steel blocks has started, and the delivery of the offshore electrical hub is expected by year-end. Over the period, the company has expanded significantly its substantiated pipeline on its co-development activities, but also combining with privileged rights for its EPCI positioning. With the signing of the head of terms for a partnership to develop a pipeline of projects in Spain and Portugal with the local developer Elawan, and with the signing of a partnership agreement that we are announcing today with an undisclosed partner and local leader in South Korea for the exclusive co-development and co-EPCI of a gigawatt-scale floating offshore wind farm. Over the semester, the company has secured significant additional funding, including EUR 40 million from ADEME Investissement to co-finance its project development activity, valuing our co-development business line alone at more than EUR 74 million. We have also secured a EUR 12 million convertible loan from our shareholders, BW Offshore and Noria, covering our financial needs for the next 12 months. In parallel to progressing our development activities, the company remain focused on cash generation. We are accelerating our preparation to be awarded EPCI contract, together with BW Offshore, including progressing on feasibility studies for standardized production line, delivering around 1 gigawatt of floating per year, and our ISO 14001 environmental certification. The GBP 300 million investment from Quantum Energy Partners in the Port of Ardersier further consolidates this port redevelopment. Over the semester, the company has generated around EUR 2 million of revenues, and the operational cash burn has been limited to EUR 3.5 million. The cash position of the company reached EUR 5.9 million at the end of June, before the first disbursement on the ADEME investment funding. Thank you, Paul. On July 5th, we announced the signature of the definitive agreement with ADEME Investissement to invest EUR 40 million in a newly created subsidiary, BW Ideol Projects Company. BW IPC will be the exclusive co-development vehicle for BW Ideol, and as part of the transaction, a 3.7 gigawatt portfolio of projects and substantiated pipeline is being transferred to it, notably including our 33% stake in Buchan Offshore Wind and all current agreements covering the French tenders and our Japanese pipeline. By 2030, BW IPC is targeting to assemble a portfolio of projects totaling six-eight gigawatt of gross capacity. As part of this transaction, a service agreement between BW IPC and Ideol France has been signed, implying a revenue stream of EUR 3 million per year for the group. The first closing of the transaction is expected to take place by the end of Q3. ADEME Investissement will initially invest EUR 17.85 million into BW IPC to hold a stake of 24.2%. This transaction implies, therefore, a post-money valuation for our co-development activities of EUR 74 million, equivalent to roughly 20 NOK per share. Both parties are committed to fund, on a 50/50 basis, another EUR 44.4 million of investment needs as the portfolio expands and matures. All other strategic assets remain fully owned by BW Ideol. This notably includes its IP and know-how portfolio, its EPCI business, its human capital, as well as its 5% ownership in EolMed. And back to you, Paul. The company continues to leverage its unique real asset in operation, the Floatgen project, that continues to perform with 2.6 GWh produced over the semester and accumulated production above 26.8 GWh. The Sealhyfe offshore hydrogen pilot facility has been successfully connected to Floatgen, being a world first of offshore green hydrogen production from a floating wind power production. Considering the overall performance of the demonstrator and its excellent condition after close to five years of operation, we are pleased to confirm that it has been decided to extend its lifetime certification by another five years, allowing further R&D activities and new components qualification. For example, test of a new innovative wind turbine, major component replacement methods is planned before year-end, for which further details will be provided later. The company is significantly accelerating its development in Asia on several key markets, mainly Japan, Taiwan, South Korea, and Australia, exploring potential faster development times. So feasibility study for a 600 MW floating wind project with Tohoku Electric in Japan is under finalization in preparation for upcoming tender. A 5 GW tender has been launched of New South Wales in Australia, with application November 2023, and award expected in 2024, for which we have ongoing discussion with several potential partners. A partnership agreement with an undisclosed Asian partner and local leader in South Korea has been also signed for the exclusive co-development and co-EPCI of a GW-scale floating offshore wind farm. A tender is expected in Taiwan for demo projects, including six-12 turbines, for which head of terms with a local partner in Taiwan has been signed. The company is leveraging, in particular, its team in Tokyo, but also BW Offshore head office in Singapore. The company is further consolidating its pioneering position in France. The construction works on the 40-MW EolMed project are continuing. First, prefabricated steel blocks have been delivered and assembled in Port-la-Nouvelle, and the electrical offshore hub shall be connected by year-end. Bid application for AO5 250 MW in Brittany tender has now been fixed to early October, with award expected in Q1 2023. The consortium, made of EDF Renewables and Maple Power, has been identified as one of the five most local content-oriented by the Brittany region. On the AO6, two 360-MW Mediterranean tender, bid applications are now expected by the end of the year. More globally, the company continues to be highly selective and focused on specific markets. In Scotland, we are progressing as planned on the 960 MW Buchan Offshore Wind project, targeting to be among the very first Scottish project to be consented. The floating LiDAR has been collecting wind and meteorological data successfully since November 2022. The first year of birds and bat surveys has been completed, and the environmental and geophysical survey has been finalized, both on the offshore project site, but also the export cable corridors and the onshore substation. Grid connection options have been significantly refined or compatible with a planned landing point, with final design option to be presented in Q3. In Spain and Portugal, the partnership agreement has been signed with Elawan, targeting coming tenders. In particular, the Spanish government plans to put in operation between one and three gigawatts of offshore wind projects by 2030, while the Portuguese government has in its plan to award up to 10 gigawatts by 2030. Finally, on the power-to-platform market, the company has finalized a number of feasibility studies for undisclosed clients, aiming to transform these studies into EPCI contracts in the coming months. Thank you, Paul. During the first half of the year, our design and engineering activities remained robust, totaling EUR 2 million in revenue, mostly derived from our activities in France, EolMed, and the preparation of the tenders, as well as feasibility studies for new promising markets. Our operational cash burn remained fairly stable compared to the same period last year, at minus EUR 3.5 million. In June, we drew EUR 5 million on the EUR 12 million shareholder loan facility provided by BW Offshore and Noria. The remainder of the facility, together with the funding provided by ADEME Investissement and the associated revenue stream secured through the service agreement between BW Ideol and BW IPC, allows us to stay in a healthy cash position while exploring alternative and longer-term sources of funding. Back to you, Paul. Finally, let's turn to the future outlook section. We are continuing to be selective on our co-development activities, while leveraging on the secure funding from ADEME Investissement. We are accelerating on the preparation and focus on mid-term EPCI opportunities and revenue generation with the support of BW Offshore. We are maturing our existing projects under development to reach key milestone and trigger value creation for shareholders. We are maintaining focus on cash discipline, and we are developing further funding capacity. So, globally, the company continues to leverage its unique and pioneering track record or skills and competencies, as well as our proprietary technology, to establish a global leadership and reach its 2030 ambition to be involved in around 10 GW of floating wind projects. Thank you for your attention, and we are now opening up for questions. ... Thank you for your questions. Sorry for the technical issues. So we have three questions received on the web applications. One is related to the substantiated pipelines, and question on what was the exact figures, and also the variation between Q1 2023 report. So we confirm the figure of 3.7 gigawatt, that is inserted in the presentation. So in the slide, that is the accurate figures. We'll need to check the 4.4 that was mentioned in the in the press release. As we have difference in comparison to the substantiated pipeline in Q1, 2023, it's mainly coming from an upcoming tender that is expected, yeah, at the end of this year, where the partner with whom we have decided to team up to answer to this tender had finally decided to withdraw from the tender due to strategic reorganization within this organization, and so chose not to participate with this tender, where it was expected that the option fee might be relatively high. We had a second question on the terms of the shareholder loan given by BW Offshore and Noria. I mean, that's for, for Nicolas. Yeah. So the interest rate is 10%. There is an ability to convert the loan with a 20% discount on the share price, and the duration of the loan is about two years. We have a question mentioning that some project in the U.K. and the U.S. have been canceled or with question from developers about the financial rationale of this project. We have a question on how big is the risk for Buchan. So, on Buchan, the feed-in tariff for the CFD has not yet occur, so we are not exposed to any potential impact on inflation rate or or inflation or interest rate fluctuations. We'd be exposed only when we get a we'd have secured CFD, so we are still, and we are expecting to participate with CFD within the next four four years. So we, at the time being, we are not exposed. There are some other countries where the feed-in tariff are indexed to inflation or fluctuation in interest rates. For example, in France, where the feed-in tariff is fixed at the award date, so relatively early in the development period of the project, but where this feed-in tariff is indexed to inflation and interest rates. So in project in France, you are protected. In the U.K., generally, the CFD, it's roughly one year, one year and a half before FID, so you are less exposed to this risk than when you have a development over a long period of time, but you are still exposed if effectively between the CFD secure and the time of the FID, there is a significant change in the market condition, as it does occur for one project in the U.K. In the U.S., it was one of the main reasons why we... At the end of last year, we have decided not to participate with the tender in California. We have considered that going into the U.S. and taking a market risk in a market where you are in high competition with alternative sources effectively expose you to the risk of not being competitive with all these alternative energy sources. So it's also why we have been relatively prudent in the U.S. But we confirm that effectively, the market conditions have changed. The interest rates are higher, the inflation has induced additional costs in the supply chain. So we are a bit happy that the final investment decision on the project, on EolMed, for example, occur in May last year before these big changes. We had a question on the new project development after the agreement with ADEME, whether or not they would be incorporated in the holding company. So we confirm that all new projects, where we are acting as co-developer, will be incorporated in the holding company with ADEME. So all new project as co-developer will be through this vehicle. Obviously, when we are acting as service provider or EPCI contractor, it will not go through this vehicle. We have a question on power-to-platform. When should it start to generate revenues? How big should it become? So we, in terms of engineering revenues, it's already generating revenues for us, because, last year and even beginning of this year, we have, a part of our engineering revenues were coming from, different, power-to-platform projects. On the various project on which we have been involved on feasibility study, there has not yet been any decision to move into the construction phase. We are waiting in the coming months for this operator to take a final decision, to move to the construction phase on it. How big should it become? It's difficult to answer. It remains a relatively small-sized project. For the various project we have looked at, it's around 50 MW. We consider it is a good opportunities for potentially medium-term project opportunities where we can generate revenues. But in the long run, it will potentially not be a large portion of our revenues. We have a question on, 'Will it be possible to highlight how the large GBP 300 million investment in Ardersier port for energy market development is more specifically related to BW Ideol's exclusive floating offshore wind project?'. On the port of Ardersier here, we have an exclusivity on the around two-thirds area of the port for any type of concrete floater manufacturing, so floater for offshore wind. The remaining one-third of the site is available for other activities and more broadly for manufacturing, potentially, a steel floater. So the large investment provided by Quantum Energy to the port of Ardersier here will help the port to prepare the infrastructure that will be needed for our manufacturing lines. So it will help the port to continue the dredging works that have already happened, will help to build a new quay wall that we'll be able to use as part of our production line. On the inbox, we have no further question. We'll let you one or two minute to potentially add another question. Otherwise, we'll close the session. As there is no further question, we thank you for your attendance, and we will make a further presentation at the end of the next quarter. Thank you.
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